Repairing the Current US Domestic Oil Scare Will Require Help from THESE 4 Oilfield Services Stocks April 26, 2022 - Baystreet.ca In response to the global energy crisis, the Biden administration is selling a record amount of emergency oil from the USA’s national reserves to bring soaring fuel prices under control. Despite these efforts there’s a growing skepticism over whether unconstrained US gas production can last. The US rig count has been steadily rising, meaning the domestic market is quite active. But demand continues to outpace production, causing the market to look for big oil and new technology developers to fill the gap. Here are FOUR oilfield services companies who stand to be CRUCIAL to the rebuilding of a US domestic oil surplus: Enservco Corporation (NYSE:ENSV), Baker Hughes Company (NASDAQ:BKR), Schlumberger Limited (NYSE:SLB), and Halliburton Company (NYSE:HAL). Enservco Corporation (NYSE:ENSV) Since February 18, 2022, shares of Enservco shot up from $0.563 as high as 667% to $4.32 in March, before settling in around the $3 level by mid-April. Enservco is a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries. Before the energy crisis truly took off, the company saw its revenue up 72% in Q3 2021, posting gains across all of its service offerings. “Rig counts and wells drilled in the third quarter increased by double digits on both a year-over-year and sequential quarter basis, and these favorable tailwinds should help position us to sustain our revenue momentum during our fourth and first quarter heating season,” said Rich Murphy, Executive Chairman of Enservco. Baker Hughes Company (NASDAQ:BKR) Overall, drilling activities in the USA are on the rise for the third week in a row according to Baker Hughes that reported US drillers added oil and gas rigs. The oil and gas rig count, is typically seen as an early indicator of future output. Baker Hughes said it rose 16 to 689 in the week to April 8, its highest since March 2020, which puts the total rig count up 257 rigs, or 59%, over this time last year. According to the Baker Hughes report, more than half of US oil rigs are in the Permian shale in West Texas and eastern New Mexico where total units this week jumped by nine to 332, the most since April 2020. This jump was officially the biggest weekly increase in the basin since January 2021. Internationally, Baker Hughes is among a triad that includes Schlumberger and Halliburton of the world’s biggest oilfield services companies that chose to suspend all operations in a particular Eastern region. Schlumberger Limited (NYSE:SLB) When announcing the regional suspension of his company’s operations, Olivier Le Peuch, CEO of Schlumberger said: "Safety and security are at the core of who we are as a company, and we urge a cessation of the conflict and a restoration of safety and security in the region." Since the move, analysts at Piper Sandler have upgraded their rating on Schlumberger, saying shares could rise 29%. One of Schlumberger’s subsidiaries, M-I SWACO was recently indicated as contributing a design study to a successfully proven oil-extraction and remediation technology called Clean Oil Recovery Technology (CORT). An update was recently given, regarding a completed a design for a planned oil sands extraction plant using this CORT technology, capable of handling 5,000 barrels per day. Early in the pandemic, Schlumberger announced it would cut about 21,000 jobs, or about one-fifth of its workforce. Now, according to Piper Sandler the company is in the midst of a major comeback. Halliburton Company (NYSE:HAL)Piper Sander’s analysts also upgraded their price target of Halliburton, despite maintaining the same rating, as the company has received a consensus recommendation by analysts. Thanks to a rapid rise in demand, Halliburton raised its North American Oil-Industry Spending Outlook. The world’s biggest fracker has now stated it will lift spending by 35% this year. This comes as the Biden administration has resumed selling leases to drill for oil and gas on federal lands. "We see significant tightness across the entire oil and gas value chain in North America," said CEO Jeff Miller in the Halliburton earnings release. "Supportive commodity prices and strengthening customer demand against an almost sold-out equipment market are expected to drive expansion in Completion and Production division margins."